Oman’s total production of crude oil and condensates touched 31.21mn barrels in December 2015, a daily rate of over a million barrels, a rise of 1.12% compared to November 2015.
The monthly report released by the Ministry of Oil and Gas pointed out that the total quantities of crude oil exported abroad in December 2015 stood at 25.62mn barrels, a daily rate of 826,547 barrels, which rose by 0.77%.
As always, the Asian markets absorbed the largest proportion of the Oman’s oil exports. China topped the list of importers of Oman’s oil in December 2015 by 68.16%, comprising a marginal rise of 0.69% compared to November 2015.
Omani crude oil imports by Taiwan and South Korea decreased by 5.30% and 2.240% respectively.
The percentage of the Omani crude oil imported by India comprised 3.85%, Japan 1.98% and Thailand 0.03% in comparison to November 2015. It should be noted that Australia imported Omani crude in December.
The report reflects the critical times experienced by the world oil markets and the remarkable slump of the trading in energy exchanges all over the world. It also reflects the direct and clear implications of this situation on the settlement prices for most reference oil prices in the world, pushing them sharply and consistently downwards, including Oman Oil future contracts.
The Omani oil price rate for February 2016 delivery amounted to $34.59, showing a decline by $7.70, compared to the delivery price of January 2016. The trading price ranged between $40.54 and $31.21.
